Nightwish

GBPCHF 2 GREAT OPPORTUNITIES

FX:GBPCHF   British Pound/Swiss Franc
16 0 1
The last time I was looking for the setup in any of CHF crosses was in January, before SNB decision. The setup from that period is still on my chart. The reason I looked for it today is great potential trade both ways. I do not favor any, I will take the one that works.

The price is in the falling wedge on daily TF and on Friday it retraced 61.8 Fib of the bearish engulfing weekly candle which is perfect to short. However, there is a demand zone marked by 2 38.2 Fib levels as Fib confluence. Therefore, I expect that will visit demand once more to confirm it and move upside again with solid possibility of the wedge breakout.

Bearish scenario is based on ABCD correction which targets 61.8 Fib of the leg up after SNB. This setup will be valid if demand does not hold.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out